Who was Monroe Milstein? Networth, family and more about Burlington Coat Factory founder as he dies at 98

Monroe Milstein, the famous American businessman who owns a nationwide retail empire, died on May 9, 2025, at 98. Milstein's biggest accomplishment lies in the form of the Burlington Coat Factory, which he founded with his wife, Henrietta.

Milstein’s journey into the retail industry began in 1972, when he saw a niche in Burlington, New Jersey. At the time, he was helping his father in the wholesale women’s coat business.

According to the New York Times, his father was skeptical of Milstein’s decision to start the business as he had lived through the Great Depression and was cautious about taking chances, but Milstein followed his intuition:

"My father said to look into it, but he wasn't enthusiastic. He said he was making a living in the wholesale business, and I should be happy with that, too," Monroe Milstein told the New York Times.

Operating on just a $75,000 down payment, which was mostly given by Henrietta, he bought a failing coat factory outlet. The decision set the stage for what would become a multibillion-dollar industry going forward.

Monroe and his wife, Henrietta Milstein, had both worked hard to establish the business. While Monroe Milstein focused on the factory's operations, Henrietta was the one who had expanded the store's offerings.

More about Monroe Milstein's journey towards building a successful Coat Factory

Monroe Milstein's wife, Henrietta Milstein, who died in 2001, was a key factor in the company's early success. She was born in Vienna in 1929 and came to the United States at the age of 10 to escape the N*zi persecution. She had studied retailing at NYU, then earned a master’s in library science before she began working full time for the family business.

By 1974, Henrietta Milstein had added children’s clothing to the production line, and in 1982, based on a sublet venture, she added baby furniture and accessories, which are now called Baby Depot.

These moves, which included the introduction of a snack bar and hot plate lunch service, helped turn the store into a full-fledged department store. In subsequent decades, the business continued to expand, also including men’s clothing, linens, and sportswear.

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By 1983, when Burlington Coat Factory went public, the chain had expanded significantly. In 2006, the company was sold for more than $2 billion to Bain Capital Partners. The Milstein family, the largest Greentree shareholder with a stake of close to 30 million shares, ultimately received $1.3 billion in the deal, an enormous profit on their original investment, as per the New York Times.

Despite his great financial success, Monroe Milstein was always grounded. He has been previously seen taking the bus to work and participating in the company’s charitable coat drives.

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